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1/23/20
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Harbert Seniors Housing Fund II L.P recently acquired The Pines at Rocklin, a 134-unit seniors housing property in Rocklin, CA. The Pines at Rocklin is located at 500 W Ranch View Dr in Rocklin, roughly 30 miles northwest of downtown Sacramento.
The Pines at Rocklin is operated as an independent living, assisted living and memory care facility and is licensed for a total capacity of 142 residents. Merrill Gardens Senior Living serves as the operator and joint venture partner of the community, which was built in 2015
Although the deal price was not disclosed, the purchase was financed with a $37 mil Fannie Mae structured adjustable rate mortgage (SARM) loan provided by Greystone. The loan has a 10-year term with an adjustable rate and five years of interest-only payments.
“Rocklin and the surrounding area are seeing overall population growth greater than the national average, so demand for this product type in this particular region is strong,” said Cary Tremper, head of Greystone’s seniors housing finance team. “We have truly enjoyed working with Harbert to expand and optimize their portfolio over the years by providing attractive long-term financing for both acquisitions and refinancing.”
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